EarningsQ2 2026 Earnings Report
MX:WELL Q2 2026 EPS Results
Actual EPS$10.57
Consensus EPS$10.69
Beat/MissMissed by -$0.12
One Year Ago EPS$7.80
MX:WELL Q2 2026 Revenue Results
Actual Revenue$61.34B
Expected Revenue$58.98B
Beat/MissBeat by +$2.36B
YoY Revenue Growth+38.96%
Earnings Announcement Details
QuarterQ2 2026
Date07/27/2026
TimeAfter Close
Conference CallMonday, July 27, 2026
MX:WELL Upcoming Earnings
Welltower's next earnings date is estimated for October 26, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:WELL Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
Overall the call was strongly positive: management reported a record quarter with double-digit same-store NOI growth, significant occupancy and RevPOR momentum, margin expansion, a raise to full-year FFO guidance, sizable off-market investment activity, strengthened liquidity and credit outlook, and continued deployment of an operational playbook (WBS) expected to drive post-acquisition cash flow. The key risks discussed — dispositions causing near-term dilution, macro/rate uncertainty, the need to execute on lower-occupied acquisitions and development amid high construction costs, and longer-term labor pressure — are meaningful but framed as known trade-offs that management believes are addressed by their capital discipline, platform advantages, and operational initiatives. On balance, the positive execution and upgrades outweigh the challenges called out.Company Guidance
Record Quarter and Strong Bottom-Line Growth
Company reported a record quarter with normalized FFO of $1.60 per diluted share, representing ~25% year-over-year growth; net income attributable to common stockholders was $0.61 per diluted share.
Guidance Raised — Midpoint Increased
Full-year normalized FFO guidance midpoint was increased by $0.12 to $6.40 per share; full-year normalized FFO range updated to $6.36–$6.44 and net income guidance to $3.11–$3.19 per diluted share.
Top-Line and NOI Growth
Total portfolio same-store NOI increased 15.5% year-over-year; organic revenue growth of 9.2% in the quarter. Management also cited revenue and adjusted EBITDA growth of 39% and 36%, respectively (reflecting portfolio mix and activity).
Occupancy and Pricing Momentum
Same-store occupancy improved by 330 basis points year-over-year and sequential spot occupancy rose 100 basis points; RevPOR (unit revenue) increased 5.2% year-over-year (vs 4.9% prior-year quarter).
Expense Control and Margin Expansion
ExpPOR (unit expense) growth was only 0.7% year-over-year; operating margin expanded by 300 basis points to over 32%, surpassing pre-COVID levels; SHOP flow-through margins ~65% (mid-60s).
Robust Investment Activity and Sourcing Advantage
Completed or under contract on approximately $15.5 billion of investments year-to-date, including ~$6.2 billion across 30+ Q2 transactions (138 communities); ~96% of Q2 activity was off-market, median transaction ~$46 million, many assets acquired at ~20% discount to replacement cost.
Balance Sheet Strength and Access to Capital
Ended quarter with $2.1 billion cash on hand; net debt to adjusted EBITDA 2.99x (in line with prior year); raised $3.9 billion during the quarter (share issuance/OP funding/capital recycling), repaid nearly $1 billion of senior notes, and issued $1.15 billion Canadian unsecured notes post-quarter at a blended 3.95% coupon; S&P and Moody's outlooks were revised to positive.
Shareholder Returns and Dividend Increase
Quarterly dividend increased by 15% to $0.85 per share — third consecutive year of an increase — reflecting board confidence in growth trajectory and free cash flow generation.
Operational Transformation — Welltower Business System (WBS)
Continuing deployment of WBS and expanded tech/operations talent: early implementations show improvements in cash flow, site labor models and back-office automation; management expects meaningful margin upside and improved post-acquisition cash flow via WBS.
MX:WELL Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed